GLAXOSMITHKLINE Consumer Nigeria Plc has announced the intent of paying N359 million dividend of 30 kobo per ordinary share to its shareholders.
According to a statement made available to the Nigerian Stock Exchange (NSE), the company announced plans to reward shareholders for their continued confidence in the company with dividend to be approved by shareholders at the company’s 46th Annual General Meeting (AGM) on 31 May, 2017.
The company in its 2016 full year financial result declared Profit after tax of N4.2 billion, a 335 per cent growth compared to 2015 on the back of profits from the divested drinks business of N1.8 billion and N2.4 billion (including the effect of tax credit) from continuing operations although turnover was 21 per cent lower than 2015.
GSK has also reiterated its commitment to broadening its range of health-care products and widening distribution to boost sales after a challenging economy in 2016 and the disposal of its drinks business slashed its revenue.
In a statement made available to the Tribune Online, the company said it would now focus on its OTC, Oral Health care and Pharmaceutical business with the aim of driving improved margins and sustainable growth in Nigeria.
“Although the year was a very challenging one with a significantly unstable macro-economic environment and decline across all relevant categories, however the company has assured stakeholders that despite the challenging economy and the divestment, the company is better positioned for growth.
“GSK Consumer will now be able to focus on the pure consumer healthcare segment and enhance its brand portfolio in healthcare products and be better aligned to the Global GSK strategy of being a thoroughbred consumer healthcare company.”
Following the divestment of its drinks business, GSK has continued to fine-tune its route to market strategies to ensure reach and availability across all platforms and is focusing on driving efficiencies through consolidation in its supply chain operations, as well as its operating model.
The statement further said “the Board and Management would like to express its gratitude to key stakeholders including shareholders, regulators, staff, GSK UK and the media for their support during a very difficult phase of the Company’s existence and look forward to more years of growing value for the benefit of all.”
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